Expect tougher mortgage rules by November

Posted by Richard Kitts on Tue, Sep 13, 2016 @03:20 PM

Home buyers should expect tougher mortgage rules to kick in as early as November 1 of this year.

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: Canada's housing market, The Mortgage Centre KW, Mortgage broker Kitchener, mortgage broker waterloo, mortgage broker, OSFI, CMHC, interest rates, The Mortgage Centre, home buyers, mortgage broker KW, new mortgage rules

Bank of Canada raises concerns about economy

Posted by Richard Kitts on Thu, Sep 08, 2016 @01:43 PM

OTTAWA — The Bank of Canada struck a note of caution Wednesday as it held its key interest rate target steady at 0.5 per cent and raised concerns after the export sector disappointed earlier this year.

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: The Mortgage Centre KW, Mortgage broker Kitchener, mortgage broker waterloo, mortgage broker, stephen poloz, Bank of Canada, The Mortgage Centre, interest rate, mortgage broker KW, Canadian economy, Inflation, The Toronto Real Estate Board

Home sales in Kitchener and Waterloo set record in August

Posted by Richard Kitts on Thu, Sep 08, 2016 @10:45 AM

KITCHENER — Homes sales were as hot as the weather in Kitchener and Waterloo last month, as real estate agents handled a record number of transactions.

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: The Mortgage Centre KW, Mortgage broker Kitchener, mortgage broker waterloo, mortgage broker, The Mortgage Centre, mortgage broker KW, record home sales

Home sales hot streak takes a break in July

Posted by Richard Kitts on Fri, Sep 02, 2016 @10:27 AM

KITCHENER-WATERLOO, ON (August 4, 2016) –– There were a total of 588 home sales in Kitchener-Waterloo and area though the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in July. This represents only a 0.9 per cent increase in sales compared to July of 2015, but ranks as the most active July on record since 2008.

Strong sales activity helped to bring year-to-date total sales to 4,108, a 15.2 per cent increase compared to the same time last year, and 21.7 per cent above the 5-year average.

“It’s been a strong summer to say the least for residential sales in the Region,” said Charlotte Zawada, President of the KWAR.

Active residential listings continue to remain depressed in comparison to the same time last year. Currently, the number of active residential listings on the KWAR’s MLS® System to the end of July sat at 1,073, which is 37.3 per cent lower compared to same period last year. This translates to 59.4 per cent fewer available listings on the market today than the same time last year.

July’s sales included 364 single detached homes (up 0.8 per cent compared to July 2015) and 144 condominium type units (up 16.1 per cent) which include any property regardless of style (ie. semis, townhomes, apartment, detached etc). Sales also included 48 Semi-detached homes (up 9.1 per cent) and 26 freehold townhouses (down 49.0 per cent). The average sale price of all residential sales in July increased 13.2 per cent to $387,102 compared to July 2015.

“We’re still seeing buyers compete for a limited number of listings on the market and the skew in supply and demand is maintaining an upward pressure on home prices in the Region,” says Zawada. Single detached style homes sold for an average price of $452,799 an increase of 14.0 per cent compared to last year. The average sale price for an apartment style condominium was $240,944, an increase of 14.2 per cent. Townhomes and semis sold for an average of $285,611 (up 10.7 per cent) and $308,479 (up 16.4 per cent) respectively.

The KWAR cautions that average sale price information can be useful in establishing long-term trends, but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Those requiring specific information on property values should contact a local REALTOR®.

Important information

The KWAR cautions that average sale price information can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Those requiring specific information on property values should contact a local REALTOR®. With a REALTOR® at your side, you can have all the facts you need to make an informed decision.

The Kitchener-Waterloo Association of REALTORS® (KWAR) is a member focused not-for-profit Association representing over 1,200 local REALTOR® members. The Association was formed in 1937 and continues to provide a robust Multiple Listing Service® (MLS®) System, continuing education, and related services to its members. The term REALTOR® is a trademark identifying members in good standing of CREA who provide real estate brokerage services in compliance with CREA's By-Laws and Rules, the REALTOR® Code, and in compliance with all applicable federal and provincial laws and regulations. The MLS® trademark is also owned by CREA and is used by the KWAR under license. The MLS® Marks identify professional services rendered by members in good standing of CREA to effect the purchase and sale of real estate as part of a co-operative selling system (the "MLS® services"), in compliance with CREA's By-Laws and Rules, the REALTOR® Code, and in compliance with all applicable federal and provincial laws and regulations. The MLS® System of the KWAR is operated in association with the MLS® Marks. An MLS® System includes an inventory of listings of participating REALTORS®, and ensures a certain level of accuracy of information, professionalism and co-operation amongst REALTORS® to affect the purchase and sale of real estate.All of KWAR's listings may be found on the public website: www.REALTOR.ca.

Visit external site

President
Charlotte Zawada

For more information,
please contact:

(519) 576-1400
inquiries@kwar.ca

View article here>>

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: The Mortgage Centre KW, Mortgage broker Kitchener, mortgage broker waterloo, mortgage broker, The Mortgage Centre, mortgage broker KW, KWAR

Make a Wish Canada & The Mortgage Centre

Posted by Richard Kitts on Thu, Aug 18, 2016 @12:30 PM
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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: The Mortgage Centre KW, Mortgage broker Kitchener, mortgage broker waterloo, mortgage broker, The Mortgage Centre, mortgage broker KW, Make a Wish Canada, Make a Wish Foundation

Millennials not giving up on the detached-home dream, despite soaring record-high prices

Posted by Richard Kitts on Thu, Aug 11, 2016 @03:36 PM

Home Prices in Kitchener, Waterloo, Cambridge and surrounding Waterloo Region are still relatively low compared to Toronto.   Toronto home prices are quickly becoming out of reach for most purchasers, however this is causing purchasers to look beyond the GTA which will bring more First Time Buyers and move up buyers into the Waterloo Region. 

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: The Mortgage Centre KW, Mortgage broker Kitchener, mortgage broker waterloo, mortgage broker, The Mortgage Centre, Real estate market, mortgage broker KW, millennials, toronto real estate board, OREA

Bank of Canada holds interest rate steady at 0.5%

Posted by Richard Kitts on Thu, Jul 14, 2016 @03:06 PM

Bank warns again about 'financial vulnerabilities' in red hot Toronto and Vancouver housing markets

The Bank of Canada held its benchmark interest rate steady at 0.5% on Wednesday, but says overly high house prices in some cities and the threat of Brexit are risks to Canada's economy down the line.

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: The Mortgage Centre KW, Mortgage broker Kitchener, mortgage broker waterloo, mortgage broker, stephen poloz, Bank of Canada, The Mortgage Centre, interest rate, mortgage broker KW, Canadian economy, housing market, Brexit

Canada’s labour market not keeping up with ‘changing times’: report

Posted by Richard Kitts on Tue, Jul 12, 2016 @02:44 PM

The commodities price crash is exposing glaring holes in Canada’s labour market.

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: The Mortgage Centre KW, Mortgage broker Kitchener, mortgage broker waterloo, mortgage broker, The Mortgage Centre, mortgage broker KW, Canadian labour market, taxes, (EI) Employment insurance, Old Age Security

Jobless claims, hiring data brighten U.S. labour market

Posted by Richard Kitts on Tue, Jul 12, 2016 @11:03 AM

U.S. private payrolls increased more than expected in June as small businesses ramped up hiring, and fewer Americans applied for unemployment benefits last week, suggesting a rebound in job growth after May’s paltry gains.

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: The Mortgage Centre KW, Mortgage broker Kitchener, mortgage broker waterloo, mortgage broker, The Mortgage Centre, unemployment rate, mortgage broker KW, U.S. economy, U.S. labour market

How simple changes to your mortgage could mean big savings

Posted by Richard Kitts on Fri, Jul 08, 2016 @03:37 PM

OTTAWA -- When shopping for a mortgage, most Canadians focus on the interest and how much they can save with a lower rate.

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Richard Kitts, AMP
President/Mortgage Broker
Tristar Funding Corporation o/a The Mortgage Centre
rkitts@mortgagecentrekw.com
519-743-4365

Tags: The Mortgage Centre KW, Mortgage broker Kitchener, mortgage broker waterloo, mortgage broker, Mortgage Payments, The Mortgage Centre, interest rate, mortgage broker KW